Public transport company Uber announced on Monday that it will bring Moove, its largest vehicle supply partner in the Europe, Middle East and Africa (EMEA) market, to India for help people buy new vehicles using a percentage of their weekly earnings, first in Mumbai, Bengaluru and Hyderabad, and become its driver-partners.
Founded in 2020, mobility fintech Moove is embedding its alternative credit-scoring technology on ridesharing platforms and leveraging proprietary performance and revenue analytics to underwrite loans for drivers who were previously excluded from financial services.
The Moove aims to launch 5,000 CNG and electric vehicles in the first year and plans to grow to 30,000 vehicles over the next five years in India.
Read also: Apple’s self-driving car soon a reality: iPhone maker files new patents
“Moove has created an innovative rent-to-own model that provides a flexible option for drivers who want to get into people transport without having to borrow from car owners or take out bank loans to finance purchased cars. at dealerships,” said Abhilekh Kumar, business development director for Uber India South Asia.
“The addition of new cars will provide a superior customer experience for riders while creating sustainable earning opportunities for drivers on the Uber platform,” added Mr. Kumar.
The startup recently raised $105 million to expand into new markets in Asia and Europe.
With over 600,000 drivers on Uber in India, the launch will enable Moove to provide accessible financing to thousands of drivers.
“We are excited to expand our revenue-based vehicle financing model to enable sustainable job creation across the country, where vehicle ownership rates are among the lowest in the world, in part due to the lack of access to credit,” said Ladi Delano, co-founder and co-CEO of Moove.
Moove aims to become a global leader in the electrification of home transport and mobility by committing that 60% of the vehicles it finances worldwide will be hybrid or electric.
Read all Recent news and Recent news here